14% of Consumers Prioritize the Bills Easiest to Pay

Source: PYMNNTS

Amidst the financial pressures brought on by the pandemic, bill payment ease has become a crucial factor influencing consumer decisions on which bills to pay and which ones to skip. A collaborative study by PYMNTS and Mastercard, "The One-Stop Bill Pay Playbook," delved into the patterns and preferences of 2,140 consumers managing bill payments during rising inflation. The study revealed that in the past year, 40% of respondents made partial payments to at least one bill for an average of two providers, while 27% completely skipped payments for 1.8 providers on average. Interestingly, friction in the payment process heavily influenced bill prioritization, with 14% of respondents choosing billers with lower-friction payment experiences regardless of other factors. Millennials, especially, placed a high value on seamless payment experiences, presenting companies with an opportunity to retain customers and gain a competitive edge by providing effortless bill payment options. Minimizing friction in bill payment can reduce churn and lost revenue, offering service providers a significant advantage in this dynamic landscape.

Credit Card Processing: The Cost of Not Auditing Statements

Auditing processing statements and contracts is crucial for merchants to avoid overpaying for their services. Many merchants who rarely review their statements often end up paying more than they should. By conducting regular audits, merchants can objectively assess their processing costs and identify potential areas of overpayment. Examples from the study include discrepancies in fees for debit and credit transactions, incorrect pricing plans, and double charging by providers. The good news is that these issues can be corrected through careful auditing, helping merchants save significant amounts of money each year. Being proactive in auditing statements ensures that merchants get the best value for their services and avoid unnecessary expenses. By Phil Hinke

About me

I have 15 years of experience in payments and specialize in helping local businesses stay competitive with Payment systems that grow sales and minimize costs.

At CMS we offer faster funding, local service, and more payment options for your customers.  Let’s connect and improve your bottom line. I'm happy to be a resource for you!

Nathan Ralls